U.S. energy companies added nine oil drilling rigs in the week to Nov. 10, the second increase in three weeks, bringing the total count up to 738, General Electric Co's Baker Hughes energy services firm said in its closely followed report.

OPEC also said in its 2017 World Oil Outlook that demand for its crude would rise in the next two years more slowly than previously expected as a recovery in prices due to OPEC's return to supply management stimulates output growth outside the group.

Malaysia's state oil company Petronas sold last week a December-loading Miri Light cargo at a premium of about $4.50 a barrel to dated Brent, equivalent to about $69 at the latest prices, according to multiple traders that participate in the Asian regional crude market.

The financial services firm noted that while brent oil price should on an average stand at USD 53-54/bbl in the current as well as next fiscal year, current prices have already risen by more than 10 per cent, driven by a mix of demand and supply side factors.